First "Fix and Hold"- Need ADVICE for front yard!

17 Replies

Hey guys,

Considering putting an offer on this forclosure.

I have partnered with a good friend who is also a carpenter. The property is well below market value and definitely needs some work!

We would like to finance with 20% down, fix it, get it reapraised and refinnance at an 80% LTV hopefully at a higher value so we can increase mortgage and pull as much capital out as possible while still allowing it to cashflow.

Keep in mind that I'm in Canada and don't have as many creative options as the USA

Here is the exterior!!

QUESTION: What is the most cost efficient way to ADD value for reappraisal In you opinion!!!

Kitchen! Same question, We have a pretty good idea for the interior. But curious to hear what others have to say!

Thanks,

-Mike

Get of rid of all the clutter. Removing everything visible on the porch and in the yard will make it appear larger and neater. The same holds true for the kitchen.

I would probably leave the tree in the center of the front lawn but would strongly consider getting rid of the tree on the side of the front lawn. However, if the paving on the driveway is cracked (it appears it might be) then the tree might be the cause and would need to go eventually.

Thanks thats a good point.

Is replacing the driveway worth it?

Or does it not add enough value?

Originally posted by @Mike Ouellette :
Thanks thats a good point.
Is replacing the driveway worth it?
Or does it not add enough value?

No, the current drive appears serviceable and will not give you a huge return on your investment.

Since your plan is to hold and rent, put your money into necessary structural, systems upgrades and code issues (updated wiring, plumbing, HVAC, roof, windows & doors etc) and then focus on the interior - update the kitchen {de-clutter and maybe reface the cabinets, update plumbing, etc}, the bathroom and flooring ... then repaint.

On the exterior, clean-up the current landscaping and maybe paint. If you do anything with the drive, scrub it and treat or stain it (if concrete) or roll a sealant coat on it (if asphalt).

1(506) 471-4126

It is hard to tell from the picture, but it looks like it is cement. But eitherway, I would check with a contractor and see if they can just cut out the bad section and fix that area. Or if the entire drive can be skimmed coated somehow. I do not know about concrete to know. If asphalt, it can be cut out, remelted blended with additional asphalt and repoured.

As to whether it is worth it. In my opinion yes as it will improve the appearance and only get worst (particularly with snow and ice) overtime. As a flip, I would do it without question, as a rental, I would probably plan for it 2-3 years.

thanks guys,

Originally posted by @Roy N. :
Originally posted by @Mike Ouellette:
Thanks thats a good point.
Is replacing the driveway worth it?
Or does it not add enough value?

Thanks, These are definitely places i plan to put my money. However, I also want to add the most initial value as possible for my post-rehab appraisal.

Thanks,

-Mike

I forgot to point out, that in the kitchen, if you can match the cabinets and countertop easily I would move the refrigerator away from the stove and place a narrow (like 18") cabinet and countertop between them. Nothing big is needed but it allows someone to grab items from the frig without worrying where to put them if the stovetop is in use. Don't forget the overhead cabinet also. This is not needed as a rental but I would find a way if it is intended as a flip.

@Mike Ouellette

Are those kitchen cabinet doors veneer or verathaned plywood? In either case, provided there is not too much texture, you could remove the doors, and, perhaps, the boxes as well, and {spray} paint them {primer and finish coat(s)} and change the hardware to give a more modern look. New kitchen for <$500. ;)

1(506) 471-4126

Def leave that tree ! Kitchen - tidy it up. there's so much stuff flying around.

the cabinet over the fridge needs to be out over it. Its impossible to use it when its like that. I hate when people finish a kitchen and have that cabinet like that. It looks terrible.

Add some light under the cabinet and have them turned on with the counter completely cleared. Turn the lights on when they come to look at it. Also light above the cabinets

I like the idea of separating the stovetop from Frig if possible. Do you plan to change floor covering? It really looks dated and dark.

903-452-8843

PS. that front tree looks WILD. Maybe do a real good trim and clean up if you don't have to remove it.

903-452-8843

Originally posted by @Roy N. :

@Mike Ouellette

Are those kitchen cabinet doors veneer or verathaned plywood? In either case, provided there is not too much texture, you could remove the doors, and, perhaps, the boxes as well, and {spray} paint them {primer and finish coat(s)} and change the hardware to give a more modern look. New kitchen for <$500. ;)

Thanks guys!

Yes cabinet paint, and new flooring through the whole house is in the plan

-Thanks

Hello Mike:

What is you exit strategy?

Buy & Hold or flip?

If it is for rental, I will limit the rehab to a minimum, sometimes you can put a ton into rehab & it will still generate about the same rent base. Renters can only afford that type of rent in that particular area.

If it is a flip, that can be a very different story.

For that TREE, I will definitely remove it to improve the curb appeal.

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